Submitted By
Donna M. Gayden, Interim Chief Financial Officer
Reviewed By
A.M. Zayyad, Deputy Village Manager
Agenda Item Title
Title
A Motion to Adopt the Five-Year Capital Improvement Plan (2024-2028) as Reviewed and Discussed by the Village Board's Finance Committee on September 11, 2023, and September 26, 2023
End
Overview
Overview
The Finance Committee reviewed and discussed the Recommended Capital Improvement Plan for fiscal years 2024 through 2028. The first year of the CIP (FY24) will be incorporated into the FY24 operating budget, which, when adopted by the Board, will become the legal appropriations for the Village next fiscal year. The CIP for adoption under this agenda item will also serve as an important strategic planning document.
Body
Staff Recommendation
Adopt the Motion.
Budget Impact
This is a planning document and does not appropriate funding. The first year of the CIP will be incorporated into the FY24 Recommended Budget, which, when adopted by the Board, will become the legal appropriations for the Village next fiscal year while the CIP serves as a planning document. The first year of the plan (FY24) will serve as the foundation for all capital expenditures in the FY24 budget while the outer years are for informational and strategic planning purposes only.
Background
While the CIP document by itself is not a legal appropriation document, the Village Board's adoption of the CIP will allow it to be used for strategic planning purposes for FY25-FY28.
Additionally, the CIP document serves the important purpose of providing details of capital improvement expenditures throughout the operating budget.
Please note that even with adoption of this strategic planning document, the Village Board still has discretion to modify any FY24 capital expenditures up and until the operating budget is adopted in December.
Alternatives
The Village Board could seek additional information.
Previous Board Action
The 2023 - 2027 CIP was...
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